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20121202
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in massachusetts, linda lackl, a twice-elected governor of hawaii, running for the senate, and other wilson in new mexico, who were good statewide candidates with good credentials who lost for one reason, they had (r) next to their name. this is an albatross. this is a problem for republicans to deal with, and the president knows he has an advantage and the republicans have to get beyond this is a day are going to become competitive. >> any wiggle room in the house, charles? >> i don't understand when colby says for the president raising rates is a matter of principle. there was no principle involved. obama himself said at a briefing in july 2011 press conference that you can raise the $1.20 trillion that he wanted at the time without raising rates, by doing it by eliminating deductions and exclusions, which is the more rational way. obama's, and debt reduction commission had recommended that you raise tens of revenue for the federal government, you do tax reform, and you actually lower rates while you expand the base, and the reason is that if you raise rates, you injure economic expansion, if yo
do well. having said that, welcome again, mr. secretary. just days after the president's re-election, the f.h.a. released its 2012 actuarial report which revealed that the economic value of the f.h.a. fund has fallen to negative $16 billion. a lot of money. that means the fund's capital reserve ratio, as i understand it, now stands at a negative 1.44%. this news is obviously very disturbing to us and to the secretary. for those of us who have long been concerned about the health of the f.h.a. for years the problems of the federal housing administration have been well-known. during the housing boom, the f.h.a. unweissly, i thought, guaranteed -- unwisely, i thought, guaranteed millions of risky mortgages with low down payments to borrowers with poor credit scores. we are reaping that now. these mortgages have resulted in billions of losses to the f.h.a. the federal housing administration has made matters worse, i think, by failing to come to grips with the magnitude, mr. secretary, of the problems. back in 2007, as the federal housing administration's poor financial position was becom
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